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EURSGD report for swing/day trades #6

EURSGD swing look for short continuation

Analysis for swing traders

Current trend is up-down-up so the next swing direction is down. Swing traders look for swing short with down continuation since Feb. Overhead shadows 1 2 and 3. Look at notes below for explanation on shadow.

Analysis for day traders
Day traders look for long continuation in line with current white week candle.

EURSGD weekly chart 06 Colonel Kink Forex Reporter

EURSGD weekly chart 06 Colonel Kink Forex Reporter | Source: Tradingview

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Previous report #5 on EURAUD EURNZD here.

 

Notes: Technical Analysis states that previous turning points offer future potential support resistance zones. 

1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.

Forex observations using the ColonelKinkSAR™ Method. Follow me on https://www.tradingview.com/u/colonelkink/.

I have no license to analyse/provide recommendation anywhere on Earth. I am a stranger. Bear your own consequence if you choose to listen to a stranger.

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